The forward third of the vessel has been gutted to gain access for the hull repairs.

Crew’s quarters in forepeak were gutted.

Two Skipper manual heads (in storage).

Grunert refrigerator, and 4 burner gas stove (in storage).

EQUIPMENT

Fisherman anchor with chain.

MACHINERY REPORT 2011 (By Billings Diesel & Marine)

The summary comes from a walk through on the boat January, 6th 2011. The machinery installed in the boat was not tested or thoroughly inspected. This report is a list of the major components in the boat and what is in storage. I also took numerous pictures that will help show the boat's present condition.

The main engine is setting on the engine beds in the engine room. The main engine is a Cummins 855 400hp diesel engine that was rebuilt by someone Topher Wurts hired. The engine was run before it was installed in the boat. The marine gear is mounted on the engine. The marine gear is a new Twin Disc MG5114DC 4.17:1 ratio unit. The prop shaft is new and installed in the boat. The propeller was reconditioned and is installed on the shaft. The engine is not aligned to the prop shaft or bolted to the engine beds.

The fuel tanks were opened up, cleaned, inspected, and pressure tested to satisfy USCG requirements. The primary fuel system is partially plumbed for the main engine and two generators. All the plumbing is done to USCG specifications.

The seacock is installed for raw water cooling for the main engine but no other plumbing is completed. Two sea strainers were reconditioned and are in storage.

The main engine does not have an exhaust system. The original system was a dry exhaust thru a long stack. There are some components left but not much. The plan was to install a wet exhaust system.

The rudder is installed and the manual steering system components are still in place in the Lazarette. The helm is still installed in the pilothouse.

The original 20KW Northern Lights generator is mounted on the port side. The unit is partially hooked up. The exhaust and wiring are not completed.

There is a new Westerbeke 40.0 BED 40KW generator installed on the centerline behind the main engine. This unit has the fuel system work nearly completed. The generator has an electric

clutched PTO driven off the generator end. This was to be used in conjunction with the main engine PTO to drive a hydraulic system for the bow thruster, anchor windlass, and hydraulic bilge / fire pump. The generator has a sound shield still in storage.

The bilge / fire pumping systems are nearly completed. The bilge suction manifold is complete and plumbed to all compartments. There is a hydraulic driven bronze Flomax pump and an electric

driven Flomax HHLP pump plumbed into the system. The electric pump would normally be the fire pump and the hydraulic pump is the bilge pump but they could be interchanged. The discharge plumbing is not completed.

Nearly all the wiring is removed from the boat. There is a main run through the cabin to the pilothouse with numerous wires but most all branch circuits are removed. There are AC and DC electrical panels on the boat and in storage. The AC panels were not designed to work with the two generator system so upgrades are required.

There are 3 Marine Air a/c compressors and 5 air handlers for air conditioning in the salon and cabins. The units are in storage and look to be in good shape.

There is a refrigerator box unit on the boat that had Grunert holdover plate refrigeration. The Grunert refrigeration is in storage and still useable.

There is a 4 burner gas stove still aboard the boat that looks in serviceable condition.

There is a stainless steel holding tank in the bilge forward of the engine room bulkhead. I do not know the condition of the tank. There are (2) Skipper manual heads in storage that look reusable.

There are (2) 30 gallon hot water heaters in storage that look reusable. There are (2) fresh water pressure tanks and 4 plastic water storage tanks in storage that look reusable.

In summary, the boat has much of the machinery and equipment required to make it work again.

The main engine, marine gear, and generators located in the engine room look bad but I believe they would clean up and operate just fine.

HULL & DECK REPORT, JANUARY 2011( By Billings Diesel & Marine)

Hull Summary:

The hull received major work during the winter of '03-'04. The work was done on recommendation and requirements of the Coast Guard Inspection Officer and the owner's representative, George Welch, Marine Surveyor. Both of these parties made inspections every 4-6 weeks. The owner's father was on site every day to oversee and participate in the project.

All framing, top timbers, guards and stem were built using White Oak from the Hudson River Valley and western Connecticut. The planking was virgin Long Leaf Yellow Pine from Georgia in lengths to 35 ft. The plank and ceiling fastenings were 3/8" square cut, 6" long, hot dipped galvanized ship spikes, custom made by Keystone Spike for this project. The double sawn frames were bolted together with 1/2" hot dipped galvanized carriage bolts of various lengths.

Stem: The stem has been completely replaced.

Frames: All have been inspected and repaired or replaced starting from the frame #1 at the bow back to frame #54 in the vicinity of the stern post.

Planking: Approximately 80% of the planking has been replaced.

Caulking: The entire hull has been reefed and re-caulked.

Bow Thruster: The framing has been modified for the installation of a 16" thruster tube. The tube has been purchased but has not been installed.

Top Timbers: New Top Timbers were installed where needed.

Bulwarks: The bulwarks from the stem to the start of the elliptical stern have been replanked. The cap rail is original.

Guards: The guard rails have been replaced with new galvanized half oval from the stem to the start of the elliptical stern.

Elliptical Stern: The stern area is the only area of the hull that hasn't been rebuilt. The know issues at the time included: bulwark needs a complete rebuild; some frame issues exist but not sure to what extent; plank problems, but should be solved when frames are done; suspected issues with the stern framing at deck level.

Deck House:

The original galley, located at the after end of the salon, was built on top of the original foot print of the wheel house when Pauline was a sardine carrier. It was approximately 3' - 4' narrower than the salon deck house. It was too narrow to gain access to an engine hatch without removing the counters, refrigerators, stove, etc. The plan was to widen out the original galley to the same width as the salon section of deck house and incorporate an engine hatch and a semi removable hatch in the overhead to the boat deck.

A plan was developed and approved by the Coast Guard. Currently the deck has been cut back and new house carlins installed. The house sits on a raised coaming to bring it up level with the forward salon, and the galley sole has been installed.

Along with this work, the plan was to remove the aft enclosures that sit atop the rail caps that support the aft deck. They were to be replaced with turned mahogany compression post with tie rods enclosed matching the existing post in the forward section of the vessel. These enclosures have been partially removed.

Galley: The perimeter framing has been layed out and started but not completed. Currently the galley sides do not exist and are enclosed in heat-shrink plastic.

Salon: The area has not been altered and is in serviceable condition.

Below Deck:

To affect the hull repairs, the forward third of the vessel had major gutting to gain access to the structural members. The original crew's quarters in the forepeak had to be gutted, but no plan was ever developed about a new layout. The forward cabin accessible from the salon by way of the forward stairwell had major alterations planned. Like the aft cabin, the forward cabin had 3 double guest staterooms and one shared head. The two double staterooms forward of the staircase have been gutted. This area is where the owner's stateroom or a "honeymoon cabin" while on charter was planned. The plan, although only discussed but never drawn, was to build a centerline queen berth with storage drawers under, with port and starboard hanging lockers with drawers and sitting areas. The bulkhead separating this compartment from the forepeak has been removed. The Coast Guard has authorized the relocation of the bulkhead 3 feet forward from the original location to allow room for a centerline queen sized berth. Some of the sole framing is in place, but the bulkhead has not been installed. The remaining small double stateroom was planned for the owner's two kids.

Forepeak: The forepeak has been gutted waiting to be installed. Some of the sole framing still exists. The collision bulkhead has been removed to allow access to install a new stem. All the ceiling has been refastened into the new framing where required.

Forward cabin: The forward cabin consists of a small stateroom to port at the bottom of the forward stairwell. The stateroom is basically intact and consists of over and under single bunks. The corner mounted vanity has been removed and is in storage. There is a shared head to starboard of the stairwell. The head compartment is basically intact but all the fixtures have been removed an put in storage. The area forward of the stairwell, to be configured as an owner's stateroom still remains gutted.

Aft cabin: The aft cabin consists of 3 double staterooms, all with over and under berths. These compartments all had small vanities that are believed to be removed and in storage. These compartments are all basically intact. The aft cabin has a head compartment that has had all it's fixtures removed. The compartment is basically intact.

Engine Room: The engine room has most of the major components in place. The compartment has been fully painted and the complete overhead has been soundproofed.

Above Deck:

No work aside from what needs to be done to facilitate the work below that has been done. This area remains basically intact.

Boat Deck: The only work done in this area was to build an access hatch to remove and reinstall the engine. The framing has been reconfigured to make a semi-removable engine access hatch without having to cut through the framing. The stack has been removed to fit into the building for repairs and is lying on deck.

Pilothouse: The pilothouse has been basically untouched with the exception of some wiring having been removed.

DISCLAIMER

Potential purchasers should assume that items on the vessel at the time of viewing, but not specifically listed on this specification sheet, are not included with the sale of the yacht. These specifications are believed to be correct but cannot be guaranteed. Specifications are provided for information purposes. Data was obtained from sources believed reliable but is not guaranteed by owner or brokers. Buyer assumes responsibility to verify all speeds, consumptions, capacities and other measurements contained herein and otherwise provided, and agrees to instruct his surveyor to confirm such details prior to purchase. Vessel subject to sale, price and inventory changes, and withdrawal from market without notice.